Reference no: EM132663934
Question - On April 1, 2020, Blossom Company sold 28,800 of its 12%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Blossom took advantage of favorable prices of its stock to extinguish 4,200 of the bonds by issuing 138,600 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash. The company's stock was selling for $30 per share on March 1, 2021.
Required - Prepare the journal entries needed on the books of Blossom Company to record the following.
(a) April 1, 2020: issuance of the bonds.
(b) October 1, 2020: payment of semiannual interest.
(c) December 31, 2020: accrual of interest expense.
(d) March 1, 2021: extinguishment of 4,200 bonds. (No reversing entries made.)
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